Money is here called the a medium and not, as customary, a unit of account because, clearly, money itself is not a unit, but the good whose unit is u… - Jürg Niehans

The equilibrium price level is determined at the point where the money market is in equilibrium. The temporary suspension of Walras' Law, far from making economic nonsense, thus appears as the crucial "trick" by which the tatonnement process is decomposed in two parts.
This analysis confirms that for a neoclassical general equilibrium system with neutral money there is indeed a consistent decomposition procedure, based on appropriate compensation principles, permitting the determination of real variables in the real sector while the price level is determined in the monetary sector. However, the amount of intellectual effort which, in the wake of Lange and Patinkin, was devoted to this issue, is entirely out of proportion to its economic significance. The real economic question is not whether a system can be dichotomized, but whether money is neutral.

If one could be perfectly certain that everybody always stays within his budget constraint, everybody could be allowed to obtain goods without a specific quid pro quo.

Economics should be under no illusion that central banking will ever become a science.